USDA released their first forecasts of ending stocks for the 2017/18 crop year today.
U.S. all wheat ending stocks for 2017/18 are forecast at 914 million bushels. This is down 245 million bushels from the 2016/17 crop year. The decrease is from a sharp reduction in 2017/18 winter wheat production due to the lowest harvested area in more than a century and lower yields. However, world wheat ending stocks in 2017/18 are forecast to increase to a record 258.3 million tonnes.
USDA forecasts 2017/18 soybean ending stocks to be 480 million bushels. This is 45 million bushels less than in the 2016/17 crop year. USDA increased 2016/17 Brazilian soybean production by 600,000 tonnes to a record 111.6 million tonnes. Argentine soybean production was up 1 million tonnes to 57 million tonnes.
USDA forecasts 2017/18 U.S. corn ending stocks to be 2.1 billion bushels. This is 185 million bushels less than in the 2016/17 crop year.
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